HOUSTON, July 27 /PRNewswire/ -- The following is being issued by Eagle
USA Airfreight, Inc. (Nasdaq: EUSA):
Third Quarter Highlights:
* Revenues increased 40%
* Domestic freight forwarding revenues increased 28%
* Operating income and net income increased 31% and 29%, respectively
* Same terminal revenue growth was 31%
Quarter Ended %
Financial & Operating Data 6/30/99 6/30/98 Change
Revenues (000's) $149,826 $107,050 40%
Operating Income (000's) $11,072 $8,472 31%
Net Income (000's) $7,295 $5,645 29%
Diluted Earnings Per Share $0.37 $0.29 28%
Operating Data
Freight Forwarding Shipments 362,331 270,955 34%
Average Weight (lbs.) Per Shipment 689 634 9%
Freight Forwarding Terminals 78 66 18%
Local Delivery Locations 67 58 16%
"During the third quarter, we experienced excellent results across all of
our businesses. Domestic freight forwarding revenues increased 28 percent,
international freight forwarding revenues increased 98 percent and local
pickup and delivery revenues increased 55 percent over the prior year. We
also continued to focus on controlling and reducing our operating expenses.
Our third quarter fiscal 1999 total operating expenses as a percentage of
gross revenues decreased to 35.1 percent compared to 35.7 percent during the
third quarter of fiscal 1998," said James R. Crane, Chairman and Chief
Executive Officer.
Eagle USA Airfreight, Inc. (Nasdaq: EUSA) today announced record revenues
and earnings for the third quarter ended June 30, 1999, primarily driven by
the expansion of its core domestic and international freight forwarding
business and increases in the number of shipments and total weight of cargo
shipped.
Revenues for the third quarter increased 40 percent to $149.8 million from
$107.1 million in the same period of fiscal 1998. Net income for the quarter
totaled $7.3 million, a 29 percent increase over $5.6 million in the third
quarter of fiscal 1998. Diluted earnings per share for the third quarter
increased 28 percent to $0.37 from $0.29 in the same period of fiscal 1998.
Gross profit as a percentage of revenues for the third quarter decreased
to 42.5 percent from 43.6 percent in the same period of fiscal 1998, primarily
as a result of the growth of international shipments that generate higher
revenues, but lower gross profit percentages, per shipment. During the third
quarter of fiscal 1999, international revenues accounted for 19.4 percent of
total revenues, compared to 13.7 percent of total revenues in the third
quarter of fiscal 1998.
"During the third quarter, we experienced excellent results across all of
our businesses. Domestic freight forwarding revenues increased 28 percent,
international freight forwarding revenues increased 98 percent and local
pickup and delivery revenues increased 55 percent over the prior year. We
also continued to focus on controlling and reducing our operating expenses.
Our third quarter fiscal 1999 total operating expenses as a percentage of
gross revenues decreased to 35.1 percent compared to 35.7 percent during the
third quarter of fiscal 1998," said James R. Crane, Chairman and Chief
Executive Officer.
Revenues for the nine months ended June 30, 1999 increased 45 percent to
$428.4 million from $295.2 million in the same period of fiscal 1998. Net
income totaled $20.6 million, a 33 percent increase over $15.5 million in the
first nine months of fiscal 1998. Diluted earnings per share of $1.07
increased 34 percent from $0.80 in the same period of fiscal 1998. Same
terminal revenue growth for the nine months ended June 30, 1999 was
36 percent.
Eagle USA Airfreight's dedication to providing superior flexibility and
fewer shipping restrictions on a price competitive basis has made it a leading
provider of airfreight forwarding and other transportation and logistics
services. The Company's network of 78 terminals in eight countries features
state-of-the-art information systems designed to maximize cargo management
efficiency and customer satisfaction. The Company's shares are traded on the
Nasdaq National Market under the symbol "EUSA."
EAGLE USA AIRFREIGHT, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
June 30, June 30,
1999 1998 1999 1998
Revenues $149,826 $107,050 $428,424 $295,239
Cost of transportation 86,133 60,343 243,455 164,525
63,693 46,707 184,969 130,714
Personnel costs 32,012 24,135 93,955 69,071
Other selling, general
and admin costs 20,609 14,100 59,411 37,758
Operating income 11,072 8,472 31,603 23,885
Interest and other income 751 486 1,934 1,259
Income before provision
for income taxes 11,823 8,958 33,537 25,144
Provision for income taxes 4,528 3,313 12,961 9,620
Net income $7,295 $5,645 $20,576 $15,524
Basic earnings per share $0.39 $0.30 $1.09 $0.83
Diluted earnings per share $0.37 $0.29 $1.07 $0.80
Basic weighted average
common shares outstanding 18,934 19,008 18,812 18,617
Diluted weighted average
common shares outstanding 19,723 19,674 19,283 19,322
EAGLE USA AIRFREIGHT, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30, September 30,
1999 1998
(unaudited) (audited)
ASSETS
Current assets:
Cash, cash equivalents and short-term
Investments $59,413 $49,678
Accounts receivable, net 84,724 69,576
Prepaid expenses and other 5,848 3,905
Total current assets 149,985 123,159
Property and equipment, net 26,543 21,963
Other assets 11,154 11,214
Total assets $187,682 $156,336
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued transportation $25,988 $18,556
Other current liabilities 21,481 18,734
Total current liabilities 47,469 37,290
Long-term liabilities -- --
Shareholders' equity 140,213 119,046
Total liabilities and shareholders' equity $187,682 $156,336
SOURCE Eagle USA Airfreight, Inc.
 back to top
Related links:
http://www.eagleusa.com
CONTACT:
Douglas A. Seckel, Chief Financial Officer,
281-618-3420, or Michael D. Slaughter, Director SEC
Reporting-Investor Relations, 281-618-3428, both of Eagle USA
Airfreight, Inc.
NOTE TO EDITORS: For more information about EUSA: Visit EUSA on
the Internet at http://www.eagleusa.com , or contact EUSA
Investor Relations via the Internet at mslaught@eagleusa.com or
by telephone at 281-618-3428, Michael Slaughter, Director of
Investor Relations
|
